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Thread: 90 Day Chart and ADX

  1. #1
    Join Date
    Mar 2008
    Posts
    4

    Default 90 Day Chart and ADX

    I am new to ForexonFire (I am still going over the DVD's). I am constructing my charts based on the materials in the course and I was wondering if we have to use the DMI Plus and DMI Minus with the ADX. You have all 3 indicators on your charts, but you only refer to the ADX, and I was wondering if all 3 are needed or if I could just use the ADX.

    Also, if my charting software does not allow me to create a Daily 3 Month Chart, is it OK to look at the daily chart and focus on the last 3 month's bars?

    Regards,

    Wayne

  2. #2
    Join Date
    Feb 2008
    Posts
    538

    Default

    Hi Wayne, great questions... the ADX is the primary, only needed signal, for it to get over 40 as the signal indicator.. though with esignal.com which I use, it includes both the DMI lines, which are helpful to see. And yes re you can look at the last 3 month's bars (though you should use candles if possible), for the daily information/trend/support/resistance levels and volatility.

    Regards,

    Ken

  3. #3
    Join Date
    Mar 2008
    Posts
    1

    Default GBP/JPY

    Ken,
    In your FOF Package, you have cheat sheets for certain pairs. (timing strategy question) Has this changed based on the performace of the pair? I had a nice run this morning with both the EUR/USD and GBP/JPY. As usually everything is in consolidation in the afternoon but ADX is still up as well as MACD. Just wondering if I could have held in there, if it would have been wise. Will look for another entry tomorrow. I can't complain about the gains in 4 hours this morning though.

    -James
    Arlington VA

  4. #4
    Join Date
    Feb 2008
    Posts
    538

    Default

    Hi - regarding timing, it's dependent on what type of trader you are... for me, intraday trading is for 2-6 hours for most fx pairs. For swingtrading, which is my preferred strategy for currency pairs, I like round trips of 2-3 days on average... good question!

    Glad to hear it re 4-hour moves in both the EUR/USD and GBP/JPY.

    Ken

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